Public Retirement System Law and Legal Definition

Public retirement system means a pension, annuity, retirement, or similar fund or system established by the U.S., or by any state of the U.S., or by any state in possession of the U.S., or by any political subdivision of U.S., or any state in possession of the U.S., or the District of Columbia. It covers the full life cycle of the retirement system member, from the point at which the new member is enrolled to the final distribution of all allowable benefits to the retiree and the retiree’s beneficiaries. According to the U.S. Census Bureau, there are more than 2,500 public retirement systems in the U.S. that administer defined benefit pension benefits to employees of state and local government.